Need advice on selling a note.

[Marcus Blalock]

I am about to purchase an investment home and I thinking about selling it using owner financing. I am getting a private loan to purchase the property for $58,000 will put $5000 into rehab (it is a foreclosure that is in very good shape; ARV of $90000) and would like to sell it using owner financing.

Here are the terms I will sell the property for:

PP: $90000

5% down payment: $4,500

Loan amount: $85500

Interest: 9.99%

Term: 15 years

Monthly payments/# of payments: $918/180 payments

other scenario:

PP: $90000

10% down payment: $9000

Loan amount: $81000

Interest: 9.99%

Term: 15 years

Monthly payments/# of payments: $870/180 payments

Do I need to include a balloon: loan due in 3 years/5 years, etc?

How do I go about selling the note? 

Do I need to have a license to do so?  

Any and all advice is greatly appreciated. Thanks.